BNP Paribas SA’s 1 billion-euro ($1.4 billion) bonus pool is receiving backlash from the French government Friday, according to Bloomberg, despite being dwarfed by its American counterparts.
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Goldman Sachs Group Inc. (NYSE: GS) set aside $11.4 billion for compensation and benefits in the first half, or 49 percent of revenue, while Morgan Stanley (NYSE: MS) will pay 71 percent of revenue, company reports show. BNP,
French President Nicolas Sarkozy called Friday for strict supervision of bankers’ pay to ensure it complies with rules devised by the Group of 20 countries, and plans to meet with banking officials on Aug. 25.
The French government infused 10.5 billion euros into the country’s six largest consumer banks, including BNP Paribas and Societe Generale SA, in December by purchasing subordinated debt securities. In January, the government made the same amount available in a second round of funding. In exchange, banks agreed to boost lending.
At BNP Paribas, which didn’t disclose total compensation costs, the 1 billion euros set aside for variable pay at the investment bank amounted to 14 percent of the unit’s revenue.
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